The community is speculating on XRP’s future, as the digital asset is struggling following the recent appeal by the U.S. Securities and Exchange Commission (SEC). Despite the uncertainty, some experts in the community are optimistic that the digital asset can push through.
Notably, a prominent crypto researcher, Crypto Tank (@Tank2033js), highlighted the impressive 1,200% rally exhibited by XRP in 2021 after the SEC sued Ripple in December 2020, emphasizing the potential for a similar or greater surge.
After the lawsuit was filed in late 2020, the digital asset struggled but surged to $1.96 in April 2021. Now that the lawsuit is over, Crypto Tank believes XRP can recreate this performance despite the appeal.
The SEC’s Appeal
On October 2, 2024, the SEC filed a notice of appeal against Judge Analisa Torres’s ruling, which notably excluded XRP’s programmatic sales from being classified as securities. This development triggered a substantial decline in XRP’s price over the subsequent days, dropping from a high of $0.66 on September 29 to its current price of $0.5272.
The uncertainty surrounding the SEC’s appeal has certainly impacted market confidence. The appeal might challenge several aspects of the ruling, including the decision to deny the SEC’s request for $1.95 billion in penalties, disgorgement, and prejudgment interest.
However, most in the community suspect the SEC wants to challenge the classification of programmatic sales from July 2023. However, the specifics of the appeal are yet to be revealed, with the SEC’s full brief expected between December 2024 and early January 2025.
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Optimism for XRP’s Future
Despite this setback, the market sentiment remains optimistic, with many traders maintaining bullish positions. The community’s optimism is rooted in historical performance and the increasing utility of XRP.
In late 2023, Good Morning Crypto, a prominent analyst on X, drew attention to XRP’s performance in 2017. The digital asset experienced a meteoric rise of 60,000% purely on speculative grounds. Given the advancements in Ripple’s technology and its growing adoption, he believes that XRP can outperform its 2017 rally.
Crypto Tank shared the same sentiment. Talking on the repeat of the 1,200% surge, he wrote, “It did that without global adoption taking place. Do people still believe that it won’t happen again? Get real. It will go much higher than that.” A 1,200% surge from its current price would send XRP to $6.85, breaching its all-time high and reinforcing the confidence of the community.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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